EU finance ministers reached a political agreement on Oct. 9 to place major crypto companies under direct ESMA supervision as part of a MiCA overhaul. The reform aims to fix a loophole that allows firms licensed in one member state to serve customers across all 27 EU countries. Only about 10 to 15 of roughly 360 providers would fall under centralized supervision. ESMA would oversee providers with at least 15 million active EU users or meeting three of five significance criteria, including over one million active users, more than one billion euros in custody assets, and over four billion euros in annual client transactions. Negotiations must now continue with the European Parliament to determine the final number of companies affected.
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